The aluminium smelter in Fort William is powered by two hydro electric schemes located in Fort William and Kinlochleven, which were also purchased as part of the deal.

Plans for the site include a new aluminium wheel manufacturing facility, which will see around 300 new jobs being created directly, with a further 300 jobs to expected to be created along the supply chain.

The site, which already employs 170 staff, will be expanded to accommodate growth in manufacturing and downstream engineering.

First Minister Nicola Sturgeon, who will visit the site today, said: “Today is the start of an exciting new chapter in Scotland's manufacturing story and the Scottish government and its agencies will keep working with Sanjeev Gupta and the GFG Alliance to help them realise their enterprising vision for Lochaber.”

Liberty House executive chairman, Sanjeev Gupta, said: “We hope this day will come to be recognised as the start of a bright new future for Highland industry.

“It puts Lochaber right at the heart of our vision for sustainable and integrated local production that can revitalise British manufacturing.”